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Garment maker to list at $2.41 per share

Garment maker to list at $2.41 per share

Grand Twins International, Cambodia’s second stock exchange listing, will list at the lower end of its expected buy-in range, an announcement on the Phnom Penh Securities (PPS) website said yesterday.

GTI is to begin trading on May 29 with eight million shares at $2.41 each, according to the statement. The Post reported in March that GTI was hoping for a price of between $1.85 and $3.50.

The $2.41 price tag means the Taiwanese garment manufacturer will raise $19.28 million in its IPO, which it plans to use to further expand its business
in Cambodia.

PPS chief exec Stephen Hsu said the final price was a strong showing for GTI and hailed it as a win for investors.

“The price $2.41 a share means the cost for investors is near zero after two to three years because the company intends to pay dividends to shareholders and . . . retain GTI’s earnings of around $33 million, as at end of 2013,” he said in an email.

After several weeks of book building, almost all 3.36 million shares allotted were sold, with over 90 per cent taken by foreign investors, Hsu revealed. The next phase of the IPO – public subscriptions – will run May 2-9 ahead of the listing.

This article has been corrected to amend the following mistakes. GTI is to begin trading with eight million shares, not nine million and will raise $19.28 million from the IPO, not $9.6 million.

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